Yesterday the Government passed the National Oil Reserves Agency (Amendment) and Provision of Central Treasury Services Bill 2020. This is the Government setting out a statement of intent for the next five to ten years and this legislation will establish the Government’s €500m Climate Action Fund on a statutory basis. The Fund provides the opportunity for innovation and for every region of the State to come forward with ambitious climate action projects, harnessing our people’s desire for real and practical climate solutions. In setting out ambition in our policy and in our funding, we force ourselves to be ambitious and so the Climate Action Fund will capitalise on Ireland’s attributes as a country of innovators and doers to support real change.
This government is determined to support a sustainable economic recovery, and one that is also sustainable from a climate change and environmental perspective. The Climate Action Fund, in providing funding of at least €500 million to industries and communities right across the country is part of Ireland’s own Green New Deal and provides us with real opportunities to innovate. The Fund will target greener economic activities and will introduce or expand new green technologies and processes in Ireland. This will be good for Irish competitiveness, good for Irish jobs and good for Ireland’s efforts to tackle climate change.
Earlier this year, the Department of Communications, Climate Action and Environment held an open call for Expressions of Interest, and the nearly 200 submissions received from organisations and community groups across the country and are being examined. This legislation paves the way for a second targeted call under the Climate Action Fund which we will open as soon as possible, making more than €150 million available for projects that seek to reduce greenhouse gas emissions, increase the production of renewable energy and improve energy efficiency.
Eamon
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